Jogorku Kenesh of Kyrgyz Republic Adopted Law on Auditing Activity

On 23 June, Kyrgyz MPs adopted in the third reading the draft Law on Auditing Activity.

The document was developed in order to implement the Strategy for the Development of Corporate Financial Reporting and Auditing in the Kyrgyz Republic for 2014-2020. The Law requires that professional audit associations should have at least one hundred members holding an auditor's qualification certificate. The number of such associations is not limited.

The Law provides for the creation of the Civil Society Oversight Council – a joint consultative and advisory body under an authorized public agency. The Civil Society Oversight Council will be expected to exercise state and civil society control over audit activities, consider issues related to accounting, audit and make decisions for public interest purposes.

The Jogorku Kenesh also considered in the third reading the draft laws amending certain laws in the field of auditing activity and accounting.